SB 69 Summary

• Modifies property tax allocation formulas for cities incorporating between January 2, 2004 and January 1, 2012, beginning with the 2014-15 fiscal year, by calculating vehicle license fee adjustment amounts based on changes in assessed valuation.

• Increases the County of Orange's vehicle license fee adjustment amount by $53 million for fiscal year 2013-14, with that increased amount carried forward in subsequent years' calculations.

• Requires county auditors to reduce ad valorem property tax revenue allocated to Educational Revenue Augmentation Funds by the countywide vehicle license fee adjustment amount, with any shortfall offset by reductions to school and community college district allocations on a proportional basis.

• Establishes that Vehicle License Fee Property Tax Compensation Fund allocations to cities, counties, and cities and counties shall be distributed in two equal installments on or before January 31 and May 31 of each fiscal year.

• Provides that reimbursement for any state-mandated local program costs shall be made pursuant to Government Code Part 7 if determined by the Commission on State Mandates.